Following his recent executive order seeking a reclassification of marijuana as a less dangerous drug, President Donald Trump has directed Attorney General Pam Bondi to issue a final ruling on rescheduling by the end of January, The Marijuana Herald reported.
However, citing sources close to the president, the publication added that the ruling could come as early as next month, even though Trump’s order to Bondi suggests a final decision by the end of January.
Cannabis stocks surged last week ahead of Trump’s order, which seeks the inclusion of marijuana alongside medicines such as ketamine under Schedule III of the Controlled Substances Act and removal from its current classification under Schedule I, where dangerous drugs such as LSD are placed.
The directive requires Bondi “to take all necessary steps to complete the rulemaking process related to rescheduling marijuana to Schedule III of the CSA in the most expeditious manner in accordance with Federal law.”
If the Department of Justice follows through with a final ruling by the end of next month, marijuana would be officially classified as a Schedule III drug by the spring.
While it will not legalize marijuana for recreational purposes federally, U.S. cannabis firms are expected to gain benefits such as the elimination of a punitive tax provision called 280E that they had to contend with for decades.
U.S. multi-state operators: Curaleaf Holdings (CURLF), Ascend Wellness (AAWH), Cresco Labs (CRLBF), Trulieve Cannabis (TCNNF), Green Thumb Industries (GTBIF), Jushi Holdings (JUSHF), and Verano Holdings (VRNO)
Canadian Licensed Producers: Canopy Growth (CGC), Tilray (TLRY), Cronos (CRON), Aurora Cannabis (ACB), SNDL Inc. (SNDL), and OrganiGram Holdings (OGI)
Cannabis ETFs: AdvisorShares Pure US Cannabis ETF (MSOS), Amplify Seymour Cannabis ETF (CNBS), Amplify Alternative Harvest ETF (MJ), and AdvisorShares Pure Cannabis ETF (YOLO).